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Monday, 21 January 13
PANAMAX DRY BULK CARRIERS AND AFRAMAX TANKERS PROVED TO BE THE "WEAPON OF CHOICE" FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 With ship financing getting ever so difficult to procure during the past year or so, ship owners had to get creative in order to persuade banks and other financing firms to invest in them and their good judgement when it comes to choosing the best available deal. As a result, 2012 bore witness to several prominent shipping entities teaming up with powerful players from the financial scene in order to back their purchasing efforts with the use of the more liquid US money markets. Intermodal's latest weekly report asked the question of "how could ship owners have generated sufficient interest towards such a highly cyclical and volatile industry during such times of uncertainty?"
According to Intermodal's Christos Mantzios, "one answer could possibly be the close to historical lows asset prices, thus reducing substantially the cost of acquiring such an asset and therefore making the entry into said market a more viable possibility from a medium-term investment perspective.
Although the market entry point for both the dry bulk and tanker assets is at relatively low levels, the “bottom of the barrel scrapping” charter rates experienced throughout 2012, as well as the poor market fundamentals for 2013 (daunting overcapacity), should have caused most of these major financial players to show a preference in the tanker market which showed more promise during 4Q2012. This revived strength in the tanker market (dirty during 3Q and clean during 4Q) was epitomised by the fresh wave of new ordering at S.Korean yards by major market players such as BP (Aframax , Suezmax), Sinokor (MR) and US-listed Scorpio Tankers (MR) towards the end of the year. But if the current state of the dry bulk market was so bad, why the increased interest in Panamax bulkers? In 2012 Panamax bulkers accounted for 26% of all dry bulk SnP deals, compared to only 19% in 2011. At the same time the majority of these involved older aged units (10-15year old) which seemed to also show the strongest drop in prices. This generated a strong appetite for Panamax tonnage, especially amongst Greek owners, pushing for en masse acquisitions of the numerous available Japanese candidates built in the 1996-2002 bracket" said Mantzios.
He added that "buyers have on their side the fact that asset prices for both Panamax bulkers and Aframax tankers are close to their historical lows. The value of a 5 year old Panamax bulker currently stands at approximately USD 17.5mill, a far cry from the USD 26-27mill required a year ago..... For a 10 year old vessel the figure is around USD 12-12.5mill and for a 15 year old its less than USD 10mill.. That is a substantial difference from Nov 2011 when the price for a 10 year old Panamax stood at USD 21mil. Of course, back in Nov 2011 such a vessel was seeing earnings in the region of USD 13,000-14,000/day compared with USD 8,000/day currently seen for 1 year TC. This may well be part of the explanation as to why prices have eroded over the past year, but it’s important to also note that the replacement cost (newbuilding price) for such a vessel back then was in the region of USD 29mill, while it now stands at around USD 25,5mill. Therefore it has started to make much more sense today to buy a 10 year old Panamax bulker then placing an new order compared to roughly a year ago where a 10 year old Panamax bulker was equal to 70% of the then price of a newbuilding (comparably this same percentage is now 46.6%)" he said.
Intermodal's analysis also indicated that "on the Aframax front the explanation could be slightly different due to the fact that a 10 year old vessel was worth USD 20,5mill and faring USD 14,000/day back in Nov 2011 and a replacement cost of USD 52,5mill, compared with a value of just under USD 17mill, TC of USD 14,000/day and newbuilding price of USD 48-49mill respectively in today's market. Thus the answer possibly lies in the supply/demand landscape which for Afras stands most favourably, with the orderbook representing 5% of the existing fleet which is by far the best ratio in not just all the tanker but also the bulker segments. But stronger buyers’ appetite might eventually be good news for owners/sellers of same tonnage, as it would help keep prices more buoyant and even allow them to strengthening again at some point" the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Saturday, 12 January 13
SUB-BIT FOB INDONESIA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has lost 0.32 percent WoW but CFR South China coal ship ...
Saturday, 12 January 13
HIGHER COAL PRICES: SEASONAL EFFECT
COALspot.com : Bahana Securities, one of the leading securities in Indonesia, said in its latest coal outlook that, on US and China&rsquo ...
Friday, 11 January 13
HBA HAS JUMPED BY US$ 5.80 PMT IN JANUARY 2013
COALspot.com - The Indonesian government has declared bench mark price for coal higher than December price. The monthly coal reference price f ...
Thursday, 10 January 13
PANAMAX : SOME GLIMMERS OF HOPE MID WEEK - FEARNLEYS
According to Fearnley’s weekly report, the Atlantic handy market is stable with rates around USD 11k for Cont-Feast and USD 17k bss USG/Feast. ...
Thursday, 10 January 13
DRY BULK PANAMAX MARKET HEAVILY OVERSUPPLIED, UNLIKELY TO FIND SUPPORT IN 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite positive indication for a significant surge of dry bulk demand this year, the oversupply problems of the market, will continue to weigh heav ...
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- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- The University of Queensland
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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